The FSB's new report on global stablecoin arrangements notes that deep, liquid secondary markets could "help stabilise prices toward the peg."
Binance data offers one test. Across 127 BTC stress days since 2019, large USDC/USDT depegs have become rarer and shorter. On every day BTC moved ≥8% or swung ≥12% intraday, the time spent >20bp off peg fell from an average of 539 minutes in 2019–20 to 14 since 2023, under similar levels of market stress.
The order books behind this have deepened too: USDC/USDT depth within ±20bp hit a record in March 2026, a monthly median of $351M, 5.8x the 2024 median ($60M).
In practice, a large share of stablecoin exits might happen on secondary markets rather than through the issuer: in 2025, trading between stablecoins on Binance alone reached $769bn, versus $226bn of USDC redeemed by Circle, the only major issuer that publishes annual redemptions. #BinanceSquareTG $BNB
Binance data offers one test. Across 127 BTC stress days since 2019, large USDC/USDT depegs have become rarer and shorter. On every day BTC moved ≥8% or swung ≥12% intraday, the time spent >20bp off peg fell from an average of 539 minutes in 2019–20 to 14 since 2023, under similar levels of market stress.
The order books behind this have deepened too: USDC/USDT depth within ±20bp hit a record in March 2026, a monthly median of $351M, 5.8x the 2024 median ($60M).
In practice, a large share of stablecoin exits might happen on secondary markets rather than through the issuer: in 2025, trading between stablecoins on Binance alone reached $769bn, versus $226bn of USDC redeemed by Circle, the only major issuer that publishes annual redemptions. #BinanceSquareTG $BNB